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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Arnav is interested in a residential property because he loves the antique light fixtures installed in every room. Corey is the license holder helping Arnav find a property. Which of the following is MOST TRUE about Corey's situation?

A) Corey should mention the light fixtures to his sponsoring broker in case issues come up later.
B) Corey should specify in writing whether the light fixtures are the seller's personal property.
C) Corey should specify verbally whether the light fixtures are the seller's personal property.
D) Corey should not address the light fixtures, as it is safe to assume light fixtures will convey with the property title.

2. Disclosure is an important part of a brokerage's duties and responsibilities. Which of the following is NOT an important disclosure all brokerages should make?

A) disclosure of all offers
B) disclosure of agency
C) disclosure of financial condition
D) disclosure of an area's demographics of race and ethnicity

3. In Virginia, agents practicing no agency (transaction coordinators) are sometimes referred to as:

A) appraisers
B) single agents
C) intermediaries
D) dual agents

4. Lola has an easement that allows her to cross her neighbor's back lot to reach her home. It runs with the land. What kind of easement does Lola have?

A) easement by prescription
B) easement appurtenant
C) easement in gross
D) easement for light and air

5. Lillian is buying a home for $355,000. She is going to put down $75,000 as her down payment on her conventional loan. Will Lillian be required to pay private mortgage insurance?

A) Yes, her down payment does not meet the requirements to eliminate PMI.
B) No, her down payment is large enough to avoid PMI.
C) Yes, PMI is required until she reaches 50% equity.
D) No, but it depends solely on her credit score.

Solutions: